Industries such as airlines and medical industries spend huge sums of money on their “tools” and require constant inventorying and monitoring of their tools. These tools may be machine parts, medical devices and equipment, and other supplies. Tool theft is a vexing problem. Likewise, the requirement to keep up with recalls of tools and machine parts can also become a daunting task, especially where tools are carried from site to site. Tool loss not only causes an inventory loss, it can cause immeasurable damage. Consider the case where an aircraft maintenance tool is lost in an engine.
There is a need for a system and method to adequately identify and monitor tools.